BitTorrent will start to issue its own cryptocurrency that users can exchange for faster downloads. The currency, or as BitTorrent calls them, tokens, are called BitTorrent (BTT). They are based on TCR-10, which means they make use of blockchain technology developed by Tron, the new owner of µTorrent developer BitTorrent Inc.
In June last year, BitTorrent Inc. was acquired by Justin Sun, the founder of blockchain startup Tron. The startup paid $140 million and started to work on Project Atlas which aimed to integrate Tron tokens as an optional extension to the BitTorrent protocol.
Initially, support for the BTT token will be added to the Windows version of µTorrent Classic. Later, the tokens should also become available in other applications and services. In a blog announcing the tokens, BitTorrent Inc. emphasizes that, “BitTorrent token-enabled µTorrent Classic clients will be 100% compatible with other clients that support the BitTorrent protocol, and users who wish to opt out will be able to do so in the product’s settings.”
The tokens can first be used with a feature called BitTorrent Speed. This is an extension of the BitTorrent protocol that allows users to bid BTT tokens for higher download speeds. The received BTT tokens can used for higher download speeds on other downloads, or they can b exchanged to Tron (TRX) tokens which in their turn can be exchange to fiat currencies like the Euro (EUR) or Great British Pound (GBP)
It should be the beginning of an economy for a decentralized web, where users can offer decentralized apps and services in exchange for tokens.